The Nigerian Extractive Industry Initiative is stressing the need for the Federal Government to review the tax reporting system and put in place a specific fiscal regime for the country. Chairman of NEITI stated this at a conference on the release of 2013 audit reports. He says, the review will improve controls over sector revenues, transparency and traceable income.
The reports reveals that, six hundred and nineteen entities made payment to the federal government in 2013, but the solid minerals audit reconciled payment by only 65 companies that made 2 million naira in 2013. From a total of 33.86 billion naira accrued to the federation account from the solid minerals sector in 2013.
Payment from cement manufacturing companies accounted for 30.47 billion naira, construction companies 1.98 billion naira while mining and quarrying companies is 1.42 billion naira.
The report reveals that, payments from the Solid Mineral were not dispersed.
